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Centrica and DONG Energy have announced they have formed a joint venture to co-develop offshore wind farms in the Round 3 Irish Sea Zone, which has a potential capacity of 4.2GW.

The transaction will see DONG Energy pay Centrica up to GBP 40 million in cash for a 50 per cent interest in the joint venture. DONG Energy will pay Centrica GBP 15 million at closing of the transaction, with the balance payable in later years contingent upon consent being achieved for a project in the Irish Sea Zone and DONG Energy reaching a final investment decision for a project in the Zone. The two companies will work together to develop different projects in the zone on a 50/50 basis with construction management of the projects alternating between the parties. For the first project under Centrica’s management, a final investment decision is expected in 2016.
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